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Market Wary Of Fiscal Promises

BRAZIL

Lots of comments from Lower House and Senate speakers Lira and Pacheco after meeting President Bolsonaro. They both highlighted the management of the pandemic and Pacheco emphasised tax reforms as being a priority.


Despite stating they must not neglect the fiscal situation, the shine was taken off BRL as market's digested the task ahead and it's implication for the fiscal trajectory. This was highlighted by the following headline:

  • Brazil court orders govt to extend emergency aid in Amazonas: G1 (bbg)

USDBRL closed a touch higher on the day at 5.3783.

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